SAUL CENTERS, INC. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2021-05-07

Reporting Person: Hachey Donald A (Senior Vice Pres.-Construction)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-07	Employee Stock Option	$43.89	A	10000	Acquired	2031-05-07	Common Stock (10000.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$47.03	2024-05-09	Common Stock (1250.0)	1250	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (7500.0)	7500	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.